The prevalence of national interest of Member States and the difference of opinions between the Council and the European Parliament could cause the postponement which would move the implementation of the Directive to 2014 or 2015.
Generally, reaching an agreement seems difficult because the Council is not willing to negotiate the most contentious issues. According to one MEP involved in the trialogue, Member States are defending national interests and do not provide constructive solutions to build consensus.
If on the 29th June - date of the last trialogue - the EP has not reached an agreement with the Council, the vote will be postponed until September. This seems to be the most likely scenario. The European Parliament made clear that it is not reasonable to have a second reading. A second reading would imply that the Directive will only implemented in 2014 or even 2015 and this should be avoided.
Specific remarks on AIFMD trialogue:
· On the depositary issue, which was controversially discussed in yesterday’s trialogue, an agreement with the Council has not been reached yet. The Commission is preparing a horizontal text for UCTIS and non-UCITS covering depositaries.
· On third countries, the Council advocates for the private placement regime, while the EP advocates for the European Passport.
· On delegation, the EP has widened its proposal, giving managers more possibilities to delegate.
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